eu and inside nato. uh and where does it shift to? um it is shifting is shifting eastwards. it's i think it's inside nato. uh and where does it shift to? um a permanent shift. um but still it's got to be permanent. oh yeah, after yes, i think. but but germany and france will still remain for the time being. the motor of europe and the two most important countries. do you agree? i agree when it comes to the shift militarily because this containment of russia will have to go you agree? i agree when it comes to the shift on. which means that eastern europe and the central eastern european eu states will be on the front line for a long period of time. and you agree that will be permanent for the time being. yes. what's your what's your take? yes. in short it is shifting and it's a good thing. okay. that was a very, very final statement from a robot. i'd like to thank my panel here in the studio. that's it from us for today i hope you enjoyed this discussion. we're curious what you think. so let us know if yo

it proves competition to the eu. the export controls on china and specific equipment to china and u.s. persons working in china on chipmaking is stressed across the world with you see asml in europe they cannot service chinese clients and netherlands and asml is the poster child with the tension with the u.s. and eu with chips asml makes the machines which are required to make the most advanced chips if those chips got in the hands of the chinese companies, china can catch up with tsmc and samsung and intel. that is why you have seen in the last four or five years, the u.s. lobbying netherlands to not allow them to ship to china. the dutch government is trying to weigh the economic interests of trading with china and its companies along with national securities and political concerns and partnership with the u.s. it is complicated. a lot of parts of the puzzle. the chip making is at the center >> the dynamic is fascinating. it is clear how you layout what is at stage for the regions involved when it comes to manufact

and eu. we will break it down. ♪ >> we need to signal to the public, to the observers, to the commentators that in all scenarios inflation will return to our medium-term target in a timely manner. guy: in a timely manner, christine lagarde speaking at a conference in bangkok talking about inflation expectations. she wants to see those inflation expectations being anchored. that is the single needle in the ecb's compass, inflation. we had a conversation about ukraine, potentially in the offramp for russia. we have to factor in what is happening with china. let's talk about what is happening with the euro. joining us is kit juckes, cheek -- chief fx strategist. let's go to the euro for a moment. most of these conversations start with the dollar but i want to come from a different angle. we went from 95 to 10 five, that is a decent move. is that dollar weakness or is that euro strength? kit: it is both. i don't know how many outlooks you have read, but terms like soft landing might have turned

kosovo is in a long-lasting dispute with another eu hopeful, serbia, and i've eu countries do not recognize kosovo as a nation at all. now to the escalating tensions between armenia and azerbaijan. for for the day, a road linking armenia to a disputed region has been blocked by protesters. >> this photo shows azerbaijani protesters blocking the soul archery connecting armenia with the majority ethnic armenian enclave of nagorno-karabakh. the azerbaijan government in a statement blamed russian peacekeepers for the road being shut, which moscow denies. >> it is unacceptable to create problems for citizens. i also need to collect separately on two unfounded blaming a provocative actions from russian peacekeepers. wherever they come from, we think they are unacceptable and counterproductive. >> azerbaijani troops moved into the city located in the corridor in august. azerbaijan also cut off gas to nagorno-karabakh as temperatures plummet, and armenia politicians accuse them of trying to make life unbearable for civilians. >> residens of nagorno-karabakh are deprived of free movement. many famil

the eu have been hard _ going on and on. the eu have been hard on _ going on and on. the eu have been hard on the _ going on and on. the eu have been hard on the rhetoric - going on and on. the eu have| been hard on the rhetoric side as it tries to introduce caps on oil and gas, given how reliant the eu is on the gas and imports from russia. as those imports have gone down, as russia has restricted supplies to europe for various reasons, liquefied natural gas supplies to replace those has been critical and so discretion is around the eu price caps are complicated. it makes europe a less favourable destination to secure those energy cargoes. so where do you think the middle ground will be met because, as you say, there is a lot of division right now, and it is very important and critical to many economies within the eu? that is right and some of the price caps level is so high to be meaningless and that is the challenge. some countries understand the price caps are far too high, given gas prices have not reached those levels through the course of this year so some are

and eu. now the situation is steel exports are much smaller than they were -- like, significantly smaller than they were five or six years ago when there was a real international trade crisis because of that issue. high bit any of it goes to the u.s. and eu. more than 80% of chinese steel does not go to those regions, so i think you could make the argument that there would not be that much impact for steel. aluminum is a bit different because the high cost of aluminum producers in the u.s. and eu have been struggling. you could see the need in future for more exports, but that could be difficult if they put more tariffs in place. dani: thank you very much, ending with that macro impact. let's talk more about the world of investing and investing in the transition. our next guest says russia's invasion of ukraine highlights a fund early -- fundamentally broken system. he says this is the point where everything changes forever. jonathan maxwell of -- is ceo of an investment firm that focuses on

how hard you think russia will be hit by the eu ban on imports and the price? i think it will be hit by the eu ban, it will be hit by the price but the price will mean the people still buying russian crude have bargaining power and the people are bargaining power, that all these results in discounts but for russia and its finances, you know, it's a matter of volumes times price, we will have to see how much volume they can push out, india, china, russia and so on. india, china, russia and so on. i know we must let you go, you have to go to vienna. you are busy with oil majors and allsorts. we will let you go. thank you for your time this morning. tensions have increased between the eu and the us since president biden introduced the inflation reduction act which european allies have criticised for its planned subsidies on electric vehicles. in whats being described as a trade war emerging between the us and europe — european commission president ursula von der leyen said the eu must "simplify and adapt" its rules on state aid to counteract the competitive effe

is the eu and u.k. and u.s. involved enough making this happen? guest: no, they are not involved enough in the architecture of mediation that puts the e.u. front and center is flawed. there will be no deal between serbia and kosovo unless the u.s. is a co-chair leading the negotiations. instead of deferring to the eu, the u.s. has to step up and it needs to make its positions clear. it needs to knock some heads together so we can get to a deal. let me just say a word about the association of serbian municipalities. it was agreed to, it should be implemented. but in this case, there should be symmetry and reciprocity and serbia. in the valley where you have albanian municipalities, it, too, should have extensive autonomy and cultural and political rights. the only way we will get to an agreement is if we see all sides prepared to accommodate the demands of citizens and move forward with a democratic and rights package. laura: i'm afraid our time is up. i'm sure we will revisit this topic again to see the discussion moving forward. thank you to all

however, this does not mean the decision to leave the eu will be reversed, at least not any time soon. ron jones works for belgium. he also faces a lot more red tape. >> it was never a good idea, but it was the will of the people. >> more and more studies show that post brexit trade barriers are harming the british economy and a lack of eu workers has caused labor shortages. >> i don't think it has worked as well as we thought it would, but we did want to be ourselves again, really. >> the doctors and the nurses, we are so down now. >> it has been an unmitigated disaster. absolute disaster. >> in the meantime, simon is managing to sell cheese at a profit in the eu again via the european hub of the new majority shareholder. the cheese maker would have never dreamt that brexit would have cost him so many sleepless nights. phil: we ask our correspondent in london what has changed since brexit. >> well, the weather has not changed much, i can tell you that. but brexit has really changed everything and some of those changes are more obvious than others, but as you saw, it has had a huge im

anchor: is there much appetite in the eu to cap the price of lng? >> well, i don't know about the particular issue here, whether there is much appetite in europe , but there is appetite in your progrowth energy packet reform. in the re-power program, introduces gas cash and introducing cap --s and essentially introducing a common european market and integration in terms of more greener alternative energies, more effective energy sources, and lowering the consumption levels, so we need to look at it from a holistic perspective what the eu commission and countries want to achieve here. and there is general agreement in the direction it is going. there is of course, there is some concerns that my co-speakers have already mentioned, and they are supported by european national central bank, that also is worried about not making the right call on the price cap in terms of the level of the price cap that may create shortages, and this concern is counter weighted by introducing a price cap, which is expected from central european countries like poland to ha

natalie, let's bring in the eu and talk about the eu, because even the eu is playing catch—up in africa. eu, because even the eu is playing catch-up in africa.— catch-up in africa. absolutely. as ou said, catch-up in africa. absolutely. as you said. the _ catch-up in africa. absolutely. as you said, the backdrop _ catch-up in africa. absolutely. as you said, the backdrop to - catch-up in africa. absolutely. as you said, the backdrop to all- catch-up in africa. absolutely. as you said, the backdrop to all of. you said, the backdrop to all of this is— you said, the backdrop to all of this is a — you said, the backdrop to all of this is a big _ you said, the backdrop to all of this is a big story— you said, the backdrop to all of this is a big story of— you said, the backdrop to all of this is a big story of void. - you said, the backdrop to all of. this is a big story of void. whether that's— this is a big story of void. whether that's a _ this is a big story of void. whether that's a security _ this is a big story of void. whether that's a security void _ this is a big story

what is there not you would say right to leave eu would say right to leave the eu right ? i mean, the only thing right? i mean, the only thing that we're getting from them is mass migration can't mass migration that we can't seem to be stopping climate and digital enslavement really honestly do not see . why not? honestly do not see. why not? more people, especially in my country are not saying leave now , but i mean, obviously the reason is that we the same horrible mainstream media here that you guys have there that have, you know, basically our entire country that if we were , entire country that if we were, we would never financially and that lies seems to be a prominent one now indeed . the prominent one now indeed. the thing is i mean iowa felt slightly more detached in union probably than on the continent do because that little body of water that is increasingly being filled up by people in dinghies. these but i do wonder whether or not you have more a handle on the eu . me just always seem like the eu. me just always seem like a kind of washed up kind of gentlemen'

the question is how is the eu going to do that? it is trying to agree to join purchases and it will go to other countries like algeria to try and source gas, but that could be quite difficult without a huge surge in prices. manus: absolutely. great columns every day from john on the very latest on the gas crisis in europe. eu nations are gathering for preliminary agreement to clear the way for ukraine to receive 18 billion euros in support from the bloc. it comes after hungary dropped its opposition in exchange for a reduction in penalties over graph concerns. the imf recently increased the range of foreign aid it estimates ukraine will need to three to $5 billion for the next year. ukraine's prime minister, france's finance minister, or do to speak at 3:00 p.m. today, moderated by maria tadeo. you can catch that on live go on your bloomberg terminal. dani: coming up on this program, strike action. u.k. rail workers are striking today after latest talks failed and they are certainly not -- we will explain. this is bloomberg. ♪ da

what is there not you would say right to leave eu would say right to leave the eu right ? i mean, the only thing right? i mean, the only thing that we're getting from them is mass migration can't mass migration that we can't seem to be stopping climate and digital enslavement really honestly do not see . why not? honestly do not see. why not? more people, especially in my country are not saying leave now , but i mean, obviously the reason is that we the same horrible mainstream media here that you guys have there that have, you know, basically our entire country that if we were , entire country that if we were, we would never financially and that lies seems to be a prominent one now indeed . the prominent one now indeed. the thing is i mean iowa felt slightly more detached in union probably than on the continent do because that little body of water that is increasingly being filled up by people in dinghies. these but i do wonder whether or not you have more a handle on the eu . me just always seem like the eu. me just always seem like a kind of washed up kind of gentlemen'

companies meeting certain markers for revenue in the eu. it is written specifically to target apple, google and amazon among others companies have to comply or face fines by march of 2024 now, for perspective on the fines, that's nearly a $40 billion fine for apple based on last year's rev. apple and google may find other ways to charge fees anyway, something they have done to get around other app regulations in other countries like south korea. it may also be a huge financial hit in apple's case. the eu app sales are only a small fraction of what's made in the u.s. and china. >> here in the u.s. a similar bill called the opens markets act did not make it out this year, but if congress takes it up next year, they have the european law as a possible model. >> yeah. it is so interesting, steve. i know we talked a lot about the fact that the eu is really setting the standard in terms of tech regulation when it comes to gdpr that's a privacy regulation. it institutes changes that had wide ranging effects even here between the dsa and the dma, s

digital services act content moderation regulatio that the eu passed last month. it aims to force the likes of meta, google, twitter, and tiktok to crack down on the spread of misinformation and hate speech. now, of course, the likes of meta and google have internal guidelines these regulations are the first regulations on the topic and they come a threat of meaningful fines. the dsa mandates transparency around removal orders and reports of illegal content criteria for how platforms should act when they detect illegal content. they also ban deseiseceptive de and require they take steps to mitigate risk. the maximum penalty for violating these rules is 6% of global revenue that as of last year, that would be about $15 billion for alphabet and $7 billion for meta now, the regulatory process has officially started, but the enforcement of this law and the penalties won't come until february of 2024 one company that could face a massive risk around this is elon musk's twitter that's because most of its compliance officers have either been fired or have left. brian. >>

was the biggest gas supplier for the eu, what a difference a year coming, but how does the eu prepare for further backlash? will russia swallow any of this?- further backlash? will russia swallow any of this? russia is increasingly — swallow any of this? russia is increasingly out _ swallow any of this? russia is increasingly out of _ swallow any of this? russia is increasingly out of the - increasingly out of the equation, they have very little supply coming through, at some point, maybe even the last trickle that is coming through ukraine at the moment, ironically enough, he is going to stop. the key things that countries are concerned about as much as the overall price, the total price people pay for gas, but making sure that there is a price in europe to attract liquefied natural gas supplies away from asia, which is europe is my biggest competitor for the fuel, making sure that flows into europe. i think the sticking point will be on the second part, the price premium that europe can pay for energy rather than the overall price itself, i think the nice thing about that second e

it is a very bad timing on the eu. | interpreted right now. it is a l very bad timing on the eu. at the moment it is embroiled in a tense stand—off with one of its members, hungry back about alleged rule of law failings. so it is now very difficult for the year when it is lecturing other countries or member states about standards and there is a corruption scandal and alleged bribery charges in the heart of one of its institutions. —— hungary. even the a few people you say it is a few bad apples orjust one meps, the fear is this is going to target the reputation of the eu and how could a bribery scandal of the scales, hundreds of thousands of euros in found, how was this allowed to happen within an institution. the? how was this allowed to happen within an institution.— within an institution. they say the will within an institution. they say they will do — within an institution. they say they will do a _ within an institution. they say they will do a thorough - they will do a thorough investigation but confidence to the having that? we investigation but confidence to the

when the party will vote any been power in some eu states. we see a border shifter the right in european politics. this is inside story. hello and welcome to the program. police and intelligence services in germany have disrupted a right wing plot to overthrow the government. they conducted raids across 130 sites nationwide, arresting what they said were ringleaders, including a 71-year-old prince, a retired senior military officer and judge and former far right in p. prosecutors believe that that group is planning an attack on parliament. we will bring in our guest in a moment but first report from dominic kane in berlin. >> this is been about reaction to the events of wednesday. the arrest of those 25 people, the searches in so many different states in germany, and the very clear sense that something serious had been planned, which the authorities say they thwarted. that is reflected in the news. certainly in the newspaper. this is the site of newspaper saying security forces thwart a strike against the state. with the picture of the allege

first of all, this war is a wake-up call for the eu. we have been over dependent on cheap fossil fuels and fossil fuels from russia. it is a pity we have to change and switch to the huge energy import from the usa and different countries around the world because we have been lacking on climate policies for the last five to ten years we cannot switch to wind, solar and green hydrogen within a few years time we are dependant on america which has shown the friendship to make sure europe gets enough deliveries to keep our economy running which is also something that is beneficial for the american economy >> reporter: when you look across europe right now, whether you are in the netherlands or greece like last week or italy where joumanna, you were this year, every country is facing the same challenge how do you pivot away from russian gas which has been the critical energy source to the continent for years. how do you do that quickly and how do you do it in a way that doesn't jeopardize the long-term goes it is interesting to see every coun

. >> the eu sanctions applied to compents. ammunitionassociated the is an exemption for hunting and her uses. >> they said the company is responsive for euring that its product are not sold in iran, even if they sell those to a third party in a non-european country. >> it is o thing if a company does not know what is happening to its products. but the company does ow now, and now that it doeso that some of its ammunition for reprsion in iran, the company should investigate, find out what has happened. >> we asked the company repeatedly for comment. they did not respond. iranian women in france have taken the complaints department. >> [speaking in french] >> the french foreign ministry told us the company had never been authorized to export directly t iran and said an investigation is underway. we spoke to one of the mps. >> [speaking in french] >> that might not be enough for the iranians. for them and the experts we spoke to, the eu sanction is clear. >> [speaking in french] [chanting] ♪ anchor: stay tuned to "france 24." i

in a sense, we can move forward with the support of 26 eu member states. i think it's clear to everyone that ukraine is in a complicated situation. russia is destroying their infrastructure. it's already winter and millions of people are without electricity, heating and water so ukraine needs our support we will provide it. guy: the question is how quickly will that support arrived? >> we are aiming for a first disbursement in january. guy: ok. we really appreciate your time as ever, thank you very much indeed. the timeline remains. maria, thank you very much. maria it was mentioning vladimir putin saying the risk of a nuclear war is rising. we saw a little bit of movement in the euro-dollar as a result of that but we have quickly retraced that. we are now trading $1.05 point 23 so not much market reaction to that. let's move on, apple shares are under a little pressure today after a key supplier warned of week demand for the iphone 14 in the critical run-up to christmas. we will take you to san francisco next. this is bloomberg. ♪ alix: let's get to the

russia rejects the eu price cap. oil gains on optimism over china's reopening. and as opec plus keeps production study. the wall street journal reports saudi arabia crown prince mohammed bin salman is preparing to take a stake in credit suisse's investment bank. francine: let's take a look at the futures. kind of trading sideways, but we had positive news out of china. the ftse down like the dax futures. tom: it seems to be the china story is overriding the concern. maybe it will make some difference in the markets. the unemployment level remaining at three point 7%, so some investors revising whether the terminal rate will end up there. the majority thinks it will be 50 basis point. but it is the china story, the pivot that has come through in the last 24, 48 hours, with concrete measures and some of those cities, and the implications across the commodities space. mainland china, but also in hong kong. we will break that down for you shortly. the spanish ibex down 0.1%. the ftse 100 currently range bound. let's chan

waste in the eu. ~ . ., in the eu. about the climate crisis, shortage _ in the eu. about the climate crisis, shortage of— in the eu. about the climate i crisis, shortage of everything, and it is important to use your goods as long as possible and it is also cosy. i see what he is doing and i am allowed to logon. is doing and i am allowed to louon. ~ , ., , logon. when you get these talents? — logon. when you get these talents? by _ logon. when you get these talents? by doing. - logon. when you get these talents? by doing. i- logon. when you get these talents? by doing. i repair| logon. when you get these l talents? by doing. i repair a lot of stuff— talents? by doing. i repair a lot of stuff with _ talents? by doing. i repair a lot of stuff with the - talents? by doing. i repair a lot of stuff with the help - talents? by doing. i repair a lot of stuff with the help of. lot of stuff with the help of youtube, yes, really. don't be too afraid but be careful with electricity. too afraid but be careful with electricit

the eu folks caught up either. the eu folks caught up in a corruption scandal surely not. we'll hear the gory details from legal philosopher eva blah . dinda broke lots to get through, including my prescription , get britain back prescription, get britain back on its feet in my big opinion monologue and i'm going for it tonight, folks. i'm not pulling punches. but first, a welcome return to polish middle midhurst and the headlines. good to be back. and the headlines. good to be back . mark, and the headlines. good to be back. mark, thank you and good evening to you. the story tonight on gb news, the prime minister has promised to bring new laws to tackle illegal immigration, saying anyone who comes to the uk illegally will not be allowed to stay . making not be allowed to stay. making a raft of announcements in the house of commons today. rishi sunak to eliminate the backlog in asylum claims by the end of next year and to halve the cost of housing migrants. he plans to relocate 10,000 migrants staying in hotels to empty holiday parks. former student halls and surplus sites

moscow warns the eu and the 6—7 against adopting a price cap on russian oil, saying it would endanger their energy security. health officials in britain warn parents to look out for symptoms of a condition caused by strep a. five children in england and one in wales have died. 2022 has been the deadliest year for palestinians in the west bank for nearly two decades. this is a small village and yet thousands have turned out, and every time these funerals happen, for palestinians, it is spreading the sense of anger. the uk pledges £14 million in humanitarian aid for somalia, as the east african nation is in the grip of its worst drought for a0 years. prince william awards the earthshot prize — recognising those working to address climate change. at the expense of uruguay. hello and welcome if you're watching in the uk or around the world. western allies have agreed to put a cap on the price of russian oil. the g7 group of nations, as well as australia and the european union, have decided that no country should pay more than $60 a barrel — slightly below the current price of $64. th

b the eu as a whole has an important energy union policy. and of course the first and most important element of that was diversification of supply, security of supply, making sure that europe as a major importer of energy, has enough to go around to make sure households are working properly. industry can function at a reasonable price and that transportation and all the other necessary elements into which energy feeds are available to the citizens of europe. well, let me ask you this, because we know europe has scrambled to sign more than 50 energy deals just this year. so i'm wondering, megan, just how much progress is being made on finding the long term solutions to replace russian energy? yeah, i think a lot of work has been done both at the level of the european commission, which is making huge efforts to discuss with energy partners around the world, with individual member states, of course, who are also going out to discuss with various energy suppliers. but all the contracts normally would be signed between commercial partners and of

first, obviously, we already had six months�* time to actually see how this eu boycott will actually take place and how it will affect, that will take effect on monday. on top of that, now there is this oil cap, which was very much promoted by the g7 and specifically the united states. so $60 as it's now, it's been put, you know, it remains to be seen whether it really hurts moscow very much, because effectively, there is already a price cap on russian maritime oil, given that, for instance, turkey, but also the middle east and of course, india and china already pay their oil, russian oil with the discount. i see. and some countries were asking or lobbying or suggesting an even lower cap, $30, for example. and we've just heard from president zelensky of ukraine, describing this as not serious, saying it's quite comfortable for moscow. what do you make of that? yeah, well, to a certain extent, i agree with that. i mean, moscow or russia pays around 35, $30—40, if you like, to actually technically, if you like, produce the oil and transport it until the harbour. and then eventually t

. >> an eu lawmaker will remain in jail until december 22. police in belgium arrested -- as they rated homes in connection with a bribery. police deceived -- seized more than 100 lean euros and cash. >> it was announced by her lawyer, that eu parliament former vice presidt will s in her jail cell until next week. her partner, francisco giorgi, will also remain behind bars. four suspects were charged with participation in a criminal organization, money laundering and corruption. they have been accused of taking money and gifts from authorities to influence decision-making, a claim she rejects. >> she will fight to prove her and since and to inform her fellow mep's, whom she respects and honors, and with whom she has worked for so many years, that the connection of her name with alleged bribery on half of qatar, or any other country, is completely nonexistent. >> rates carried out in homes and offices led authorities to seize 1.5 million euros. that included several hundred thousand dollars in cash. many fear it is only the tip of the iceberg.

futures are muted ahead of the data remain on pace to close the week in the green >>> eu ministers edge closer to a deal to cap russian crude prices tentatively agreeing to $60 per barrel ceiling just days ahead of a defacto >>> president hosting his first state dinner >> we want to build peace and sustainable peace means full respect of sovereignty and integrity of ukraine >>> good morning, everybody. happy friday let's catch you up on how markets are faer faring. right after those manufacturing numbers came in showing a 2.5-year contraction the first contraction in 2 .5 years which prompted risk appetite to turn lower. in aceh some negatives coming through. sentiment has turned south, trading down 3 percentage points overall we're weighted all eyes of course on non-payroll expected to show 200,000 jobs created and for the unemployment rate to hold steady but very big number in terms of the direction for the fed moving ahead and all eyes on that next fed meeting. 80% possibility of that 50 basis point hike in europe, the focus is on ecb, for the whole today we're sort of shifting negat

the eu is to consider similar control measures. hello and welcome to bbc news. ukraine has been struck by a fresh barrage of russian missiles targeting several major cities. ukrainian authorities said more than 120 missiles had been launched at the population and civilian infrastructure. several cities from kyiv in the north, odesa in the south, kharkiv in the east and lviv in the west have been hit. the mayor of lviv says the city has lost about 90% of its electricity. earlier, ukraine's military intelligence chief said fighting is at a deadlock with neither ukraine nor russia able to make significant advances. and we can speak to hugo now. over to you. yes, the head of the ukrainian military intelligence agency said the situation of the ground was stuck because neither russia nor ukraine can make significant advances, and for weeks we been talking about have how fighting has been concentrated around the eastern city of bakhmut in the donetsk region, but across the front line we have not seen major military changes in terms of positions. winter has slowed down

after all, he resisted calls for an eu—wide gas price cap. is he, they wonder, just putting germany first?— they wonder, just putting german first? ., ., ., germany first? inflation mocro i think germany first? inflation mocro i think the _ germany first? inflation mocro i think the opposite _ germany first? inflation mocro i think the opposite is - germany first? inflation mocro i think the opposite is the - i think the opposite is the case. this is about stabilising europe. germany is a decisive factor of that. we've seen the world nearly divided. economic centres have shifted. look at america, china. we in europe must make sure we keep up. despite the financial help, businesses and households will still face higher bills. and germany must conserve vital energy supplies. the season for giving has barely begun and already we are cutting back. jenny hill, bbc news, dresden. south korea have made it through to the knockout stages of the world cup with a dramatic late win against portugal — a result that means uruguay are on their way home.

the eu folks caught up either. the eu folks caught up in a corruption scandal surely not. we'll hear the gory details from legal philosopher eva blah . dinda broke lots to get through, including my prescription , get britain back prescription, get britain back on its feet in my big opinion monologue and i'm going for it tonight, folks. i'm not pulling punches. but first, a welcome return to polish middle midhurst and the headlines. good to be back. and the headlines. good to be back . mark, and the headlines. good to be back. mark, thank you and good evening to you. the story tonight on gb news, the prime minister has promised to bring new laws to tackle illegal immigration, saying anyone who comes to the uk illegally will not be allowed to stay . making not be allowed to stay. making a raft of announcements in the house of commons today. rishi sunak to eliminate the backlog in asylum claims by the end of next year and to halve the cost of housing migrants. he plans to relocate 10,000 migrants staying in hotels to empty holiday parks. former student halls and surplus sites

the eu commission president says the states are already preparing for the next winter. eu ministers are holding a meeting today to discuss a proposed price cap on gas as some member states push for stronger guarantees that the mechanism will not spook markets and others push for a lower price cap. speaking earlier, the eu commissioner said member states will need to find a compromise >> as we have reached agreement, everybody has to show some flexibility and everybody has to be able to propose some compromises. i expect that ministers will have discussion that will bring us a solution with a support among member states. >> sylvia joins us now this is a story that has been rolling on for the better part of the year. what is the actual issue now is it still the broader price cap or are we talking about technical issues things like how high the price limit is gas contracts and whether you can reneg? >> we already have the european leaders with the cap on gas prices now we are seeing energy ministers discussing the nitty gritty what level will they implement the cap? offici

what does that mean for the eu? jose: i don't know what our commitment so far has been from the european union's point of view, that we will stick to global financial standards to preserve open markets. if that is the goal of the united kingdom, that will be good for coordination. tom: when you hear officials in the u.k. talking about a new big bang, do you take them seriously? jose: we always take them seriously, of course. the u.k. is a very important part of the world financial center. but as i said before, the willingness to stick to global financial standards, open markets, that's a good sign. francine: where do you see the biggest fault line for banks? is it loans, housing, mortgages, are they taking adequate steps to look at risks? jose: as we look at portfolios, it depends a little bit on the business model. but in areas where we are leverage, residential real estate, warehousing prices have been increasing a lot the last few years, those are the areas in focus. tom: we talked a lot about risks, but there is

francine: how does the eu gas cap debate for into all this? >>'s ship really tells that story very well. the virtue of this facility is it can accept carbo -- cargo from all over the world. they can get rerouted by a single phone call. if the cap is too low, the fear germany is you will not have access to those cargoes and you will be outbid by other buyers. it's a competitive market already. germany creates a lot of angst about where they will get the lng in the future. francine: oliver crook, thank you so much. the latest from germany. let's get to first word news with laura. >> mediate reports to say the number of covid dead in beijing's funeral homes is incorrect. staff at a local crematorium told financial times they have seen at least 30 covid victims. the country of 1.4 billion people says just 11 people have died with the virus the past month. the eu has reached an agreement to expand its flagship carbon markets, extending emissions trading to heating, road transport, and shipping. under a provisional deal, the bloc also accelerated th

guy: on the eu gas cap, bear with me a second. eu ministers agree on a 180 euros megawatts per hour gas price cap. what do you think of that number? ed: that is a silly number for a bunch of politicians to do right at the edge of winter. we are down pricing in today at 110 euros. we see that easily doubling. inventories have been high. it is one thing to have a price cap, it is another thing to find where the supply is coming from. the global gas market is really global now. it is not broken up into individual companies. it is not limited by destination restrictions and where energy goes. someone is going to be well above that price. it is almost a guarantee for blackouts rather than a guarantee for consumer content. alix: that is what i find consumed -- find confusing. for the stock market, where does the liquidity go? if you are a producer or utility, how do you head? what are some of the trickle-down effects from this? ed: political on one hand. we have another deep polar vortex and that price going up not only pride -- not onl

the eu will blame russia for using oil as a weapon. the eu sanctioned russia, but also in a weird way, helima, did it not also sanction itself because what people don't realize is europe is still using maybe 1.5 million barrels of russian oil per day? >> we estimate it is around 1.2 million barrels. seaborne imports have been decl declining. is russia cutting off pipelines? you have countries with exceptions germany and poland said they will voluntarily stop before the end of the year. will russia cut them off sooner? does russia withhold from ot markets? japan has come out and sidaid it will abide by the cap. can india purchase at the levels if they don't get western services shipping and insurance to get the barrels. that is the big question can asia continue to purchase barrels at this level if they do not sur western services if you do the cap, no russian oil. >> reporter: part of our story is the secret oil navy that russia has been building up. we saw documents we have sale transactions for the old super tankers which have undisc

the eu commissioner says one dispute relates to restrictions on lithuanian exports. a second is what -- over what he calls coercive practices that limit patent holders from exercising the rights in court. the u.k. has ended an effective plan on onshore wind farms. in the face of a rebellion among conservative members of parliament, the government has announced a consultation on letting local immunities decide on new wind turbines. russia is considering setting a price floor for its international oil sales in response to the g7 export cap. two officials say moscow is considering either imposing a fixed-price, or sticky letting maximum -- or sticky letting maximum discounts. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. tom: alice atkins, thank you very much indeed. coming up, more issues for apple, one of their key iphone suppliers warns production will drop on weak demand. this is bloomberg. ♪ tom: welcome back to the open. we are 52 minutes into the

is the eu happy to underwrite? >> probably the latter it is in interest of all of the member states to go ahead and have more sources of energy and rely less on sources outside of europe sharing energy within the 27 is one of the aims they have at the moment one of the obstacles that has led to the energy crisis at the moment, moving gas from the iberian peninsula to the rest of europe is not fezaasible they need the charge of seeing europe building more energy supply and sources and trying to be more independent. >> thank you for keeping us up to speed on all things energy. sylvia, great to have you on set. >>> coming up, we'll discuss how uk plans to boost the financial sector as the country comes to grips with the cost of living crisis when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pi

plans to scrap an eu — protected. what can we expect? plans to scrap an eu imposed _ protected. what can we expect? plans to scrap an eu imposed cap _ protected. what can we expect? plans to scrap an eu imposed cap on - to scrap an eu imposed cap on bankers bonuses have already been announced. in recent years they have been capped at twice an employee's salary. also plans to cut red tape and the hiring process to make it easier to attract the brightest and best talents in the uk. banks will get more freedom to invest in long—term assets like housing and wind farms and see rules relaxed on the need to ring fence their domestic banking like mortgages and loans from the riskier investment operations. the aim is to emulate margaret thatcher's big bang of 1986, sweeping a rate regulations and restrictions to turbo—charge growth. post—brexit and the covid pandemic there has been a growing sense in some quarters that the uk has lost some of its edge to uk make european competitors like paris and amsterdam. we european competitors like paris and amsterdam-— european competitors

, eu saying it gives facebook users no choice but to use marketplace to sell -- meta tells us eu claims have no merit and they're going to work through the process with regulators, but the fine could be hefty, dom, up to 10% of meta's global revenue. $117 billion for context the eu has been far more aggressive with tech regulations, allowing aim to have third party apple stores. let's go to the u.s. in san jose, california, where u.s. regulators going after meta as well ftc is suing to block meta's acquisition of the vr fitness app called within unlimited. meta's ceo andrew bosworth was testifying in that case today. meanwhile, mark zuckerberg may also make an appearance defending the deal this week as the trial winds down, dom. >> steve kovach, stick with us here, bring in for the conversation brent -- covers meta, and social media names, he's at jefferies. steve lays out an interesting case developing right now. it feels like de ja vu with microsoft back in the day with the european union, some of the problems at alphabet and its subsidiary google has had with european regulators in t

they agreed to drop the tariffs from the eu, britain and japan. following the ruling, the office of the u.s. trade representative issued a statement slamming what it called flawed interpretation and conclusions defending the tariffs on national security grounds. china called on the u.s. to respect the moving and correct its wrongful conduct. france, spain, portugal announced a plan to build a new undersea hydrogen pipeline by 2030. an ambitious project aiming to carry two metric tons of hydrogen a year, 10% of the eu's estimated need. it could face challenges. >> for 50 kilometers of underwater pipeline, an bish project aiming to transport green hydrogen between barcelona in a bid to accelerate the transition to clean energy. 2.5 billion euros will go to the construction. the french, spanish and portuguese presidents are hoping fohelp from the eu. >> it will also allow interconnections with other european countries that will want the hydrogen, so we're working together so the connections and h2 red project can be part of the common interest of pro

structures and eu defense cooperation. let's wait for that later. make sure the allies live up to theircommitments first . >> my point is this is our experience. and we are here talking about veterans and talking about consideration for our own security and the security of our allies. so it's absolutely necessary to say in the prospect about their own defense. how can you be a reliable nato partner if you don't have the means in terms of the weapons for example or two help. >> let me speak with you on one last topic before i go to the audience for una which is energy security. my recollection from my time in brussels, anytime your diplomats would hear my american accent they would say why don't you americans talk to the germans about nordstream? why are they being allies? this is arguably the point i've been making for a decade now we come to the point where it's trying to diversify away from russia. how confident are you and let me ask you, i think we started too late and how confident are you the transition is happening

you alluded to some of the action going on with the eu and other places. i obviously believe it�*s a very valuable global institution, it�*s been an important part of my reporting for years. both for newsgathering and dissemination of my stories in the stories of others that i tweet out, including those of the bbc. what do you make of the allegations of hypocrisy here? he comes on and talk about the importance of free speech, and then takes action like this. well, one of my final tweets yesterday was a retweet of an elon musk tweet from back in late april of this year when he said he hopes his fiercest critics stay on twitter because it is a platform for free speech. so, make of that what you will. thanks to steve herman there. buckingham palace has confirmed that the former lady—in—waiting lady susan hussey has apologised in person to ngozi fulani, the head of charity sistah space, after the pair met today. lady susan resigned from her honorary role in the royal household after it was alleged that she had repeatedly asked ms fulani where she was f

if they're going to be in the eu if they're going to be in the eu if they're leavers. that's not decision that 27 countries are going decide that. exactly going to decide that. exactly but was but just if there was a referendum got vote, referendum and you got a vote, in which way would you vote i'd vote for them probably stay vote for them to probably stay because i think we're better off together. change my together. i might change my mind. indeed a mind. well you are indeed a proud. i john. where do you proud. i am, john. where do you stand think that stand on it? i think that independence for scotland is a stupid idea. even the brexit jeopardise brexit stupider than brexit. oh someone shouting at my screen i can hear you already. i can hear you shouting. it wasn't a stupid idea , but it was stupid. that is idea, but it was stupid. that is stupid. no always stupid for and it's nice for another day. that one. but specifically on scottish independence, you're not a fan of it. you don't think it should happen. do you think there be another on the there should be anothe

. >> this isn't going to effect pretty much in any way eu countries ability to buy russian oil at any price because monday, december 5, a ban comes into place on eu countries buying russian oil at all. eu's ability to license and ensure vessels carrying russian oil, from economies like india and china. >> vladimir putin is open to toxic towards ending the war in ukraine, but the west must accept his demands, and russia will not withdraw from the next regions. the u.s. has been pumping weapons into ukraine, putin suggests that it is putting ukraine off any negotiations. president biden said he is willing to meet with putin. the south african president failed to report the theft of millions of dollars in his private game fund in 2020, he may have violated his oath of office area the president's office says he will address the report once he has finished studying it. senegal's parliament descended into violence when a male politician walked up to a female politician and slapped her in the face. members treated punches and insults. the company behind the port projects, demonstrators have

it's never been a member of the eu. i think for a similar reason that it's just a big country to bring in and the eu has never, you know, sort of able to to manage that. you know, i think that there are other answers when it comes to ukraine that officials will give you from the eu and from me too. and one of the things that they would have pointed to, of course, the current war is that, you know, of corruption, rule of law was a in ukraine in a way that it was not in poland or the baltic republics. hungary, czechoslovakia, rather czech republic, slovakia, other countries that did enter nado, romania, bulgaria, etc., that they sort of work that out better than ukraine did. and ukraine was a problematic in that regard. but i probably the ultimate answer and it's very frustrating to state from a ukrainian of view but the ultimate answer is the proximity to russia and that the baltic republics other on the map, they're not further from russia then than ukraine is. they felt in some ways further from russia non slavic popul

well, i think hopefully the eu _ in your opinion? well, i think hopefully the eu and - in your opinion? well, i think hopefully the eu and k - in your opinion? well, i think hopefully the eu and k for i in your opinion? well, i think- hopefully the eu and k for forces will encourage both sides to sit down and negotiate. i think on one hand, the release of some of the people who have been in prison but the removing of the barricades would be the two crucial steps necessary for the de—escalation. i think the international community�* involvement will be crucial to get the two sides at a negotiating table and a deal thatis at a negotiating table and a deal that is acceptable to all.- that is acceptable to all. doctor helena ivanov, _ that is acceptable to all. doctor helena ivanov, thank _ that is acceptable to all. doctor helena ivanov, thank you. - here in the uk, merseyside police are questioning two people in connection with the fatal shooting of a woman at a pub in wallasey on christmas eve. a 30—year—old man has been arres